Except where otherwise noted, all currency amounts are stated in United States dollars.

• Net income attributable to Methanex shareholders of $41 million and Adjusted EBITDA of $160 million in the fourth quarter. The average realized price in the fourth quarter was $373 per tonne compared to $377 per tonne in the third quarter of 2022.
• Full year 2022 net income attributable to Methanex shareholders of $354 million and Adjusted EBITDA of $932 million.
• Higher production in New Zealand, Chile and Egypt led to a 22% increase in production in the fourth quarter compared to the third quarter.
• Geismar 3 ("G3") project progressing on time and on budget. Production expected in the fourth quarter of 2023.
• Returned $43 million to shareholders through dividends and share repurchases and have a strong liquidity position with $858 million in cash. For the year ended December 31, 2022, returned $297 million to shareholders through dividends and share repurchases.

VANCOUVER, British Columbia, Feb. 02, 2023 (GLOBE NEWSWIRE) -- For the fourth quarter of 2022, Methanex (TSX:MX) (NASDAQ:MEOH) reported net income attributable to Methanex shareholders of $41 million ($0.59 net income per common share on a diluted basis) compared to net income of $69 million ($0.87 net income per common share on a diluted basis) in the third quarter of 2022. Net income was lower compared to the prior quarter primarily due to lower recognized proceeds from the redirection and sale of natural gas in Egypt, partially offset by the benefit of a decline in gas and logistics costs. Adjusted EBITDA for the fourth quarter of 2022 was $160 million and Adjusted net income was $51 million ($0.73 Adjusted net income per common share). This compares with Adjusted EBITDA of $192 million and Adjusted net income of $49 million ($0.69 Adjusted net income per common share) for the third quarter of 2022.

For the year ended December 31, 2022, Methanex reported net income attributable to Methanex shareholders of $354 million ($4.86 net income per common share on a diluted basis), Adjusted EBITDA of $932 million and an Adjusted net income of $343 million ($4.79 Adjusted net income per common share). This compares with a net income attributable to Methanex shareholders of $482 million ($6.13 net income per common share on a diluted basis), Adjusted EBITDA of $1,108 million and an Adjusted net income of $460 million ($6.03 Adjusted net income per common share) for the year ended December 31, 2021.

In the fourth quarter methanol pricing remained relatively stable. The average realized price in the fourth quarter was $373 per tonne compared to $377 per tonne in the third quarter of 2022.

During the quarter, we returned $43 million to shareholders through the regular dividend and share repurchases and ended the quarter with $858 million in cash, or approximately $806 million in cash excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have two undrawn credit facilities, a $300 million construction credit facility specifically related to the Geismar 3 project and a $300 million revolving credit facility providing financial flexibility.

Rich Sumner, President & CEO of Methanex, said, “I am excited to be taking over as Methanex's President and CEO heading into 2023. As a team we have an opportunity to create significant shareholder value by bringing G3 online safely, on time and on budget. Looking forward to 2023 we see continued balanced supply/demand fundamentals with a high energy price environment supporting the methanol cost curve and demand. We are well-positioned with our strong balance sheet and high level of liquidity to navigate any macro economic uncertainty. I look forward to continuing to advance our strategy of market leadership and unlocking additional value with the team in the coming years."

FURTHER INFORMATION

The information set forth in this news release summarizes Methanex's key financial and operational data for the fourth quarter of 2022. It is not a complete source of information for readers and is not in any way a substitute for reading the fourth quarter 2022 Management’s Discussion and Analysis ("MD&A") dated February 2, 2023 and the unaudited condensed consolidated interim financial statements for the period ended December 31, 2022, both of which are available from the Investor Relations section of our website at www.methanex.com. The MD&A and the unaudited condensed consolidated interim financial statements for the period ended December 31, 2022 are also available on the Canadian Securities Administrators' SEDAR website at www.sedar.com and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.

FINANCIAL AND OPERATIONAL DATA

A reconciliation from net income attributable to Methanex shareholders to Adjusted EBITDA, Adjusted net income and the calculation of Adjusted net income per common share is as follows:

• We recorded net income attributable to Methanex shareholders of $41 million in the fourth quarter of 2022 compared to net income of $69 million in the third quarter of 2022. Net income was lower compared to the prior quarter primarily due to lower recognized proceeds from the redirection and sale of natural gas in Egypt, partially offset by the benefit of a decline in gas and logistics costs.
• We recorded Adjusted EBITDA of $160 million for the fourth quarter of 2022 compared to $192 million for the third quarter of 2022. We recorded Adjusted net income of $51 million for the fourth quarter of 2022 compared to Adjusted net income of $49 million for the third quarter of 2022. Adjusted EBITDA was lower than the third quarter of 2022 primarily due to lower recognized proceeds from the redirection and sale of natural gas in Egypt, partially offset by the benefit of a decline in gas and logistics costs. Adjusted net income for the fourth quarter of 2022, as compared to the third quarter of 2022, benefited from lower depreciation charges due to the mix of product sold and higher finance income due to foreign exchange gains and higher interest income.
• We sold 2,647,000 tonnes in the fourth quarter of 2022 compared to 2,677,000 tonnes for the third quarter of 2022. Sales of Methanex-produced methanol were 1,360,000 tonnes in the fourth quarter of 2022 compared to 1,350,000 tonnes in the third quarter of 2022.
• Production for the fourth quarter of 2022 was 1,526,000 tonnes compared to 1,252,000 tonnes for the third quarter of 2022. Production was higher for the fourth quarter of 2022 primarily due to planned turnarounds in Egypt and New Zealand as well as seasonal gas restrictions in Chile that occurred during the third quarter.
• In the third quarter, we completed an extended planned turnaround in Egypt that enabled us to enter into an agreement to redirect and sell the plant's contracted natural gas, from late July to late October. This was a unique opportunity to utilize excess LNG capacity in Egypt during a period of elevated LNG prices in Europe and was done in collaboration with our Egyptian government partners. The Egypt plant restarted upon completion of the diversion period.

• The highly advantaged Geismar 3 project is progressing well and on budget with methanol production expected in the fourth quarter of 2023 with an expected total capital cost of $1.25 - 1.3 billion. The remaining cash expenditure of approximately $415 to $465 million, including approximately $75 million of spending accrued in accounts payable, is fully funded with cash on hand. Geismar 3 has one of the lowest CO2 emissions intensity profiles in the industry and helps us meet our commitment to reduce our greenhouse gas emissions intensity as well as significantly enhancing cash generation capability.
• To December 31, 2022, we have repurchased 892,773 common shares of 3,506,405 permitted under our current normal course issuer bid for $33 million. During the fourth quarter, we repurchased 834,330 shares for $31 million.
• In the fourth quarter we paid a quarterly dividend of $0.175 per common share for a total of $12.1 million.
• At December 31, 2022, we had a strong liquidity position including a cash balance of $858 million, or approximately $806 million excluding non-controlling interests and including our share of cash in the Atlas joint venture. We also have two undrawn credit facilities, a $300 million construction credit facility specifically related to the Geismar 3 project and a $300 million revolving credit facility providing financial flexibility.

PRODUCTION HIGHLIGHTS

Key production and operational highlights during the fourth quarter and production outlook for 2023 include:

• New Zealand produced 395,000 tonnes compared to 205,000 tonnes in the third quarter of 2022. In New Zealand, our production was higher in the fourth quarter as we had no planned turnarounds and had higher gas availability. We estimate production for 2023 to be between 1.3 - 1.4 million tonnes.
• The Geismar facilities produced 437,000 tonnes in the fourth quarter compared to 492,000 tonnes in the third quarter of 2022. Lower production was due to an unplanned outage in late September that continued into mid October as the utilities supplier for the Geismar site experienced a loss of power due to a failed transformer.
• Atlas produced 225,000 tonnes (Methanex interest) in the fourth quarter of 2022 compared to 249,000 tonnes in the third quarter of 2022. Titan remains idled indefinitely.
• Chile produced 226,000 tonnes in the fourth quarter of 2022 compared to 141,000 tonnes in the third quarter of 2022. Production for the fourth quarter of 2022 was higher than the third quarter of 2022 as we restarted the Chile IV plant in October when the Southern hemisphere winter months ended and seasonal demand for natural gas in the region decreased, allowing our gas suppliers to deliver higher volumes. Production was lower in the fourth quarter of 2022 compared to the fourth quarter of 2021 due to two unplanned outages and lower gas deliveries from Argentina. We estimate Chile production in 2023 to be between 0.8 - 0.9 million tonnes.
• Egypt produced 192,000 tonnes (Methanex interest - 96,000 tonnes) in the fourth quarter of 2022 compared to 70,000 tonnes (Methanex interest - 35,000 tonnes) in the third quarter of 2022. We had higher levels of production from Egypt in the fourth quarter as we restarted the plant in early November following an extended planned turnaround.
• Medicine Hat produced 147,000 tonnes in the fourth quarter of 2022 compared to 130,000 tonnes in the third quarter of 2022. Production was higher than in the third quarter primarily due to the weather-related outages that impacted production in the third quarter.
• Forecasted production for 2023 is approximately 6.5 million equity tonnes, excluding any production from G3. Actual production may vary by quarter based on timing of turnarounds, gas availability, unplanned outages and unanticipated events.

CONFERENCE CALL

A conference call is scheduled for February 3, 2023 at 11:00 am ET (8:00 am PT) to review these fourth quarter results. To access the call, dial the conferencing operator fifteen minutes prior to the start of the call at (646) 960-0479, or toll free at (888) 510-2296. The conference ID for the call is #7014770. A simultaneous audio-only webcast of the conference call can be accessed from our website at www.methanex.com/investor-relations/events and will also be available following the call.

ABOUT METHANEX

Methanex is a Vancouver-based, publicly traded company and is the world’s largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH".

FORWARD-LOOKING INFORMATION WARNING

This fourth quarter 2022 press release contains forward-looking statements with respect to us and the chemical industry. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's control. Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Methanex does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise, except as may be required by applicable law. Refer to Forward-Looking Information Warning in the fourth quarter 2022 Management's Discussion and Analysis for more information which is available from the Investor Relations section of our website at www.methanex.com, the Canadian Securities Administrators' SEDAR website at www.sedar.com and on the United States Securities and Exchange Commission's EDGAR website at www.sec.gov.

NON-GAAP MEASURES

The Company has used the terms Adjusted EBITDA, Adjusted net income, Adjusted net income per common share and Average realized price throughout this document. These items are non-GAAP measures and ratios that do not have any standardized meaning prescribed by GAAP. These measures represent the amounts that are attributable to Methanex Corporation shareholders and are calculated by excluding the mark-to-market impact of share-based compensation as a result of changes in our share price, the impact of the Egypt gas contract revaluation and the impact of certain items associated with specific identified events. Refer to Additional Information - Non-GAAP Measures on page 14 of the Company's MD&A for the period ended December 31, 2022 for reconciliations to the most comparable GAAP measures. Unless otherwise indicated, the financial information presented in this release is prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

For further information, contact:

Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600